BANKRUPTCY LAWYERS IN JACKSON, MS
Experienced Bankruptcy Lawyers in Jackson MS
It’s tough to owe more than you can pay and have creditors calling. However, bankruptcy allows people in that situation to get free of debt and start over with a clean slate. The process takes anywhere from a few months to a few years. Bankruptcy lawyers in Jackson, MS can help you understand your options and file the paperwork to put your debt behind you and start building wealth.
What to Expect When Filing Bankruptcy in Jackson MS
Individuals have two processes they can choose from, Chapter 7 or Chapter 13.
In a Chapter 7 bankruptcy, you sell (liquidate) your personal assets and use the money to pay down debts. You may be able to exclude certain items, such as mortgage debt, by signing a Reaffirmation Agreement. Under the agreement, you accept the mortgage debt and will not discharge it through bankruptcy. You must also agree not to file bankruptcy again for at least eight years. There is an income cap for Chapter 7 bankruptcy, so higher-earning individuals may be unable to use this option. However, Chapter 7 could be a good choice if your main goal is to get rid of debt as quickly as possible.
Chapter 13 is for those who want to hold on to important assets, such as a home. In a Chapter 13 bankruptcy, you retain your assets and the court requires you make regular repayments through a payment plan. If you are behind on your mortgage and want to keep your house in Mississippi, you must file Chapter 13. This form of bankruptcy comes with a 3-5-year court-mandated debt repayment schedule. To qualify, you must have disposable income on top of your regular earnings.
Why Hire Morgan & Morgan Bankruptcy Lawyers in Jackson MS?
Bankruptcy is an emotional and serious decision. In the end, when filers discharge their debt, they feel a tremendous sense of relief. Having the right legal representation on your side can make all the difference. While bankruptcy can relieve much of your financial stress, the legal process to get a good outcome is daunting. Morgan & Morgan will help you navigate every phase of your case and provide expert insight regarding if bankruptcy is your best option. Our bankruptcy lawyers will handle the important details, like filing and gathering paperwork, for you so you can focus on what matters most.
With more than 400 attorneys and 50 offices nationwide, we have the reach necessary to provide you the best service possible. While Morgan & Morgan has the resources of a large firm, we’re a family law firm at heart and treat every client as such. You’ll even get 24/7 open communication with your case staff via our mobile app.
Join the Morgan & Morgan family today – fill out this form to discover what we can do for you.